( MENAFN - Swissinfo) The COVID pandemic had a negative impact in many areas, but the bank account of the average Swiss wasn't one of them. Do you want to read our weekly top stories? Subscribe here . Despite the difficult economic situation in 2020, both incomes and wealth continued to grow on average, with cantonal differences.
One of the main reasons was the stable Swiss labour market, according to a study published on Thursday by Bank Cler and research institute BAK Economics. Unemployment only increased from 2.3% to 3.
2% in the first year of the pandemic. “A collapse in the disposable income of the people of Switzerland was prevented thanks to the extensive support provided by the state,” said Samuel Meyer, CEO of Bank Cler. The decisive factor was heavy state compensation to incentivise Swiss employers to reduce employee hours rather than make job cuts, he said.
The study examined income and wealth trends from 2007 to the most recent data from 2020, during which time the average income in Switzerland rose by 12.5% to just over CHF71,000 ($77,973). However, the average is often heavily distorted by top earners, so it is better to look at the mean or median incomes to understand what a“normal citizen” earns.
This figure also rose between 2007 and 2020 by just under 10%, or CHF4,800, to around CHF53,900. This content was published on Jul 29, 2019 Following reader suggestions, we find out if most people calling Switzerland home can afford diamond rings and fur coats.